The Bitcoin ETF has been approved by the investment company Accelerate Financial in Canada.
This makes it the first officially certified Bitcoin ETF in North America after the Ontario Securities Commission gave the green light to an institutional product.
The decision document was approved on Thursday, February 11th and covers the following areas; British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Northwest Territories, Yukon and Nunavut.
On February 2, Accelerate Financial Technologies submitted and received a draft Prospectus Receipt from the Canada Securities and Markets Authority for the Bitcoin ETF (ABTC) Acceleration.
He stated that the fund will offer shares denominated in US dollars and Canadian dollars with a management fee of 0.7%, and adds that it has applied to list ABTC shares on the Toronto Stock Exchange.
At the time, Accelerate founder and CEO Yulian Klimochko stated:
Bitcoin was one of the best results for asset classes on a 1, 3, 5 and 10-year basis, both in absolute terms and on a risk-adjusted basis. Given the historical history and future potential of Bitcoin, as well as portfolio diversification, we are looking to provide investors access to this asset class in an easy-to-use and affordable ETF. ”
The company offers a number of other ETFs, including the recently launched ETF OneChoice, the first fund in the country to provide one-time access to several alternative asset classes and investment strategies, including bitcoin, gold, arbitrage and private equity.
In mid-January, the director of the Canadian mutual investment fund Arksnovum also filed a prospectus for the Bitcoin ETF to the Ontario Securities Commission.